Shura Council’s Economic Committee Approves €60 Mln Loan From EU,EIB

The financial and economic committee of the Shura Council (upper house of parliament) headed by Dr. Mohamed El-Feky has approved the agreement agreed upon by the Egyptian government, the European Union and European Investment Bank on the other side concerning the societal development program. Under the agreement, the European Investment Bank will offer €45 million loan and €3 million aid and the European Union will offer €15 million, said Hanaa El Hilaly, director general of the Planning & International Cooperation Group at the Social Fund for Development (SFD).

The aim of such agreement is supporting social development program, developing slums, offering loans to micro and small enterprises, improving handmade industries and developing workshops and vocational training. SFD will contribute €30 million to the project.

The Central Bank of Egypt (CBE), SFD, European Union and European Investment Bank will sign the agreement after receiving the required approvals from the concerned bodies.